LPG / NGL
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Butane widens premium to propane
Butane widens premium to propane
Houston, 26 March (Argus) — The premium of US butane at Mont Belvieu, Texas, to propane has widened because export demand for butane-heavy loads has grown because the US-Israel war on Iran. March EPC butane averaged a $32.10/t premium to March EPC propane from 2-25 March, a sharp increase from the $6.80/t average during the same time a year earlier. In-well March EPC butane has inflated to unseasonal values since the start of the war on 28 February, with the heavy feedstock rising by 13.7pc to an average of $480/t from 2-25 March, compared with $422.20/t a year earlier, as international demand for butane-heavy cargoes grew to replace split cargoes from the Middle East, which have been choked off by Iran's effective closure of the strait of Hormuz. The lack of shipments from the Mideast Gulf has created a supply crisis in India, which relies heavily on imports to meet its requirements for cooking fuels. India gets nearly 90pc of its LPG from the Mideast Gulf , and to mitigate the supply shock, has turned to other countries for imports, including the US . India is set to receive around 432,000t of LPG from the US in March, the highest volume ever recorded, predictive volumes from Kpler indicate. While the war tightens LPG supplies out of the Middle East, leading to higher delivered propane prices on the Argus Far East Index (AFEI), US propane — which trends directionally with international markets — has had less on chronic oversupply. US propane stocks increased by 478,000 bl to 72.9mn bl in the week ending 20 March, leaving inventories 59pc above the five-year average. March EPC propane remains well below year earlier levels, averaging $385/t from 2-25 March, a 14.5pc decline from $450.14/t a year earlier. Butane's premium to propane could continue to grow against a backdrop of political uncertainty in the Middle East. If the military conflict there ends, flows could recover, demand for butane-heavy loads from the US would retreat and butane's premium to propane could revert to seasonal norms. Butane typically weakens during the summer-grade gasoline blending season, which uses less of it. By Giovann Rosales Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran negotiators let through 10 tankers: Trump
Iran negotiators let through 10 tankers: Trump
Washington, 26 March (Argus) — President Donald Trump said the unidentified Iranian officials his administration is negotiating with on a potential end to the US-Israeli war in Iran allowed "big boats of oil" to cross the strait of Hormuz as a sign of their influence in Tehran. Earlier this week, Trump said those officials had offered a high-valued "gift" that arrived on 24 March that was related to oil and gas flows through the strait of Hormuz, where the threat of attack from Iran has heavily limited shipments. Trump said at a cabinet meeting on Thursday that the gift was safe passage for eight tankers, which later increased to 10 tankers. The tankers were Pakistani-flagged, Trump said he believes. "They said, 'To show you the fact that we're real and solid, we're going to let you have eight boats of oil, eight big boats of oil'" that subsequently made it through the strait, Trump said. "And I said, 'Well I guess they were right.'" Trump this week cited progress in negotiations to order a five-day pause on strikes on Iranian power plants. Argus has tracked two tankers with their transponders on passing through the strait on 24-25 March. Iran's foreign minister Abbas Araqchi on Wednesday said the strait is "not totally closed", except to Iran's "enemies". Iran can continue to effectively block the flow of most ships through the strait of Hormuz, Trump said, even if the US and Israel are able to destroy 99pc of its attack capabilities, because even a handful of missiles could still destroy a ship worth $1bn. Even so, Trump said he believes that Iran is desperate to reach a deal to end the war. "They're begging to make a deal, not me," Trump said. The Trump administration recently presented a 15-point action list of conditions for a peace deal that has been circulated to the Pakistani government as a mediator, US special envoy Steve Witkoff said on Thursday. Iranian leaders have denied they are negotiating with the US, while accusing the administration of "jawboning" to put downward pressure on oil prices. At the Trump cabinet meeting on Thursday, administration officials took turns praising Trump for his "courage" in Iran and prior intervention in Venezuela. A statue will be built of Trump, US interior secretary Doug Burgum said. Oil markets are well supplied, US treasury secretary Scott Bessent said, and Trump's "bold actions" to supplement maritime insurance will soon provide shippers with unprecedented levels of security . "We are starting to see more and more movement in and out of the Gulf today," Bessent said. "I am confident that shipping traffic will continue to increase on a daily basis, even before we secure the strait." The Trump administration has tapped emergency powers to try to ease spiking energy prices, including a plan to release 172mn bl of crude from the US Strategic Petroleum Reserve, waiving domestic shipping rules under the Jones Act, and waiving fuel volatility requirements. Trump said there were no imminent plans to suspend a longstanding federal excise tax of 18.4¢/USG on gasoline and 24.4¢/USG tax on diesel but that it remains a possibility. "It's something we have in our pocket," Trump said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil flags lack of benchmarks as Argentina LPG nears
Brazil flags lack of benchmarks as Argentina LPG nears
Buenos Aires, 26 March (Argus) — The absence of a Latin American LPG price reference and persistent infrastructure bottlenecks could limit Brazil's ability to absorb growing Argentinian supply, market participants said today during an LPG conference held in Buenos Aires. Executives from Copa Energia and Interco highlighted structural obstacles, from Brazilian state-controlled Petrobras' dominance in price formation to inadequate terminals, that continue to challenge competitive imports despite Argentina's rising exportable surplus. Interco commercial director Marcos Ferraz said the region cannot fully benefit from Argentina's emerging LPG surplus without clear Mercosur-based pricing mechanisms. "South American LPG is still benchmarked to Mont Belvieu,and that prevents transparent valuation of the molecule in local markets," he said, referring to the Texas benchmark for LPG and NGL pricing. He also argued that establishing a regional reference would enable a more competitive and predictable trading environment. Argentina's emergence as a large exporter creates momentum for regional pricing models that reflect local production costs and logistics advantages, Ferraz said. Today's reliance on US benchmarks obscures the actual delivered value for Southern Cone buyers, he added. Argentina became Brazil's main LPG supplier in 2025, shipping 49pc of all 1.6mn metric tonnes (t) imported by Brazil. The US sent 48pc to Brazil, according to data from Brazil's hydrocarbons regulator ANP. Copa Energia's chief executive Pedro Turqueto echoed the concerns, saying Brazil's downstream remains constrained by a price-setting model "almost exclusively shaped by Petrobras," leaving independent importers exposed to losses even as Brazil relies on around 2mn t/yr of imports. Turqueto said Copa began receiving continuous LPG flows from Argentina in 2021, mainly to supply southern Brazil. While Argentina and the US now provide a significant share of Brazil's imported LPG, importers often face unworkable arbitrage conditions, forcing them to buy from Petrobras even when international procurement seems viable. He added that the country still lacks sufficient terminals, especially in the northeast and the south, to consistently receive LPG from Argentina. By Flavia Alemi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Strait of Hormuz traffic increases but remains low
Strait of Hormuz traffic increases but remains low
London, 26 March (Argus) — The number of vessels crossing the strait of Hormuz with their transponders switched on has risen to at least five in the past 24 hours after a slight easing of Iran's de facto blockade. Three dry bulk vessels — the Zea, Glykofiloussa and Neraki — crossed the northern section of the strait eastbound between Qeshm and Larak islands, according to MarineTraffic data. Market participants have indicated that the Qeshm–Larak gap could serve as a narrow checkpoint for controlled outbound transits. The Niba , a VLGC, also crossed the strait from west to east. And the NJ Jupiter , a Supramax, transited westbound. A further VLGC, the Salute , is currently heading eastbound towards the strait but has not yet crossed. Other vessels appear to have switched off their AIS transponders on approach, including the Rastanplan , a container ship that went dark off the coast of Kuhestak in Iran, east of the strait. Argus tracked only two vessels passing the strait daily on 24–25 March. Iran's foreign minister Abbas Araqchi has reiterated that the waterway remains open except to Iran's "enemies". "In our view, the strait of Hormuz is not totally closed," Araqchi said in a televised interview aired late on Wednesday. "It is only closed for our enemies." Araqchi said Iran has permitted passage for vessels from "friendly countries, including China, Russia, India, Iraq and Pakistan". By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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Global LPG price response to the Iran war
Middle East war hits global LPG markets
Our team examine the huge disruption to LPG markets caused by the conflict in this special episode of Global LPG Conversations.
Argentina: El boom del GLP y el impacto en el Cono Sur
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